Knitwear Market SWOT Analysis, Size, Share, Price, Trends and Growth Forecast to 2023
Research Reports
Jan 07, 2021
Market Synopsis:
Market Research Future (MRFR) reports that the global knitwear market is all set to amass massive gains at a stunning CAGR during the forecast period (2018-2023).
The world over, a rise in demand for knitwear products has been noted owing to the growing adoption of e-commerce. At a global level, the boost in online sales of knitwear products has been observed, which form a lucrative part of the fashion and apparel industry.
The e-commerce business of the worldwide fashion and apparel industry is projected to cross the value of USD 408 Billion in 2017 and touch the valuation of USD 706 Bn by 2023, surging at a CAGR of 11.6%. The sale of knitwear products via online channels has been given a boost by the growing penetration of online knitwear sale in developing nations including Russia, Brazil, China, South Africa (BRICS) and India.
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In addition to the increase in online sales, the growth in penetration of smartphones across developing nations, expansion of middle-class population coupled with rising discretionary income has shaped the market positively over the years. The emergence of innovative and advanced e-commerce technologies is also adding to the strength of the market. It is noted that the online knitwear sales are augmenting owing to the rise in average revenue per user (ARPU) in e-commerce knitwear products as compared to ARPU of knitwear product sale through offline mediums.
Market Segmentation:
The worldwide market for knitwear has been segmented on the basis of material type, category, end-use, and distribution channel.
Depending on the material type, the knitwear market is divided into natural, synthetic, and blended.
Category-wise, the knitwear market caters to men, women, and kids.
The knitwear market, with respect to end-use, covers innerwear, and outerwear.
The distribution channels mentioned in the report are store-based and non-store based.
Regional Outlook:
The market size of knitwear has been analyzed across the key regions of Europe, Asia Pacific, North America, along with the rest of the world.
Asia Pacific is the leading region in the global Knitwear Market and will prevail as one during the forecast period. The factors backing the said market growth could be the growing awareness among customers with regard to the changing fashion trends coupled with mounting disposable income of the people in the region. Also, the rise in outsourcing of production operations to Asia Pacific nations stimulates the regional market growth to a large extent. With research and development (R&D) as well as design of knitwear being done mostly outside Asia Pacific, the prominent knitwear manufacturing is done in India, Bangladesh, China, and Vietnam. Furthermore, the market in India is expanding at a considerable pace on account of the boost in the number of organized knitwear retailers who sell branded knitwear products.
North America and Europe collectively account for a substantial share of the global knitwear market. The market development in these regions is the result of the increasing demand for branded innerwear from the United States (U.S.) based brands, including Victoria’s Secret. Additionally, the rise in demand for sportswear in these regions works in favor of the markets.
In Middle East and Africa, rising demand for branded knitwear is the latest trend. As per reports, roughly 62.0% of the total population in the region is young and middle-aged. Plus, knitwear products worth USD 3.5 billion is imported by MEA every year.
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Key Vendors:
Maglificio Ripa S.p.a (Italy), Puma SE (Germany), Adidas AG (Germany), The Nautical Company (UK) Ltd (UK), Loro Piana S.p.A. (Italy), Victoria’s Secret (the US), Ecowool (New Zealand), LENZING AG (Austria), Gildan Activewear Inc. (Canada), Sana Hastakala (P) Ltd. (Nepal), Ralph Lauren Corporation (the US), are some of the critical vendors shaping the worldwide knitwear market
Latest News:
June 2019
Shima Seiki has developed a flat knitting technology, presented at a booth located at Hall 8.0. It features an extensive lineup of its products such as computerized flat knitting machines, computer graphic design systems, WHOLEGARMENT knitting machines, and various digital solutions.
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